Michael D'Arcy (Fine Gael) | Oireachtas source

Yes, so it starts with the crisis simulation exercise and then it moves to the summary of each individual group who participated and the Central Bank feedback on page 12 and it says to a number of points that are outlined why it "meant ... it was not possible to carryout a systemic impact assessment". And move to page 15 which was the Financial Regulator's feedback, "The assessment of the crisis was unclear as there was no systemic impact assessment carried out." And then I move to page 16 and it is the feedback from ... again, sorry, continuation of the feedback from the regulator and it says, "We need to explore what measures/options are available to handle a crisis apart from ELA or Government guarantees." And then on page 18, Mr. Doyle, the Department of Finance feedback:

In planning [a] next exercise, a particular concern should be to test the central elements of the national response to a financial stability event ([that is,] financial analysis of an individual institution in difficulty, liquidity/solvency assessment, ELA procedures, Eurosystem/ECB aspects, systemic analysis, interacting with media/political level, communications between national authorities, resolution issues etc.) rather than areas which are, while still important, more peripheral.

There seems to be a lot of energy put into the exercise without a clear determination that this was worthwhile. Was it worthwhile and the benefit that it contributed towards the actual crisis, when the crisis erupted?